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Fair Values (Tables)
3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
The table below presents the financial instrument's fair value and the amounts within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement:
Fair Value of Assets and Liabilities Measured on a Recurring and Nonrecurring Basis
 
 
 
Fair Value Measurements at Reporting Date Using:
 
Fair Value
 
Quoted Prices
In Active Markets for Identical Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Fair Value of Assets and Liabilities Measured on a Recurring Basis:
 
 
 
 
 
 
 
March 31, 2020
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
Securities Available-for Sale:
 
 
 
 
 
 
 
   U.S. Government & Agency Obligations
$
5,181

 
$

 
$
5,181

 
$

   State and Municipal Obligations
723

 

 
723

 

   Mortgage-Backed Securities
371,482

 

 
371,482

 

   Corporate and Other Debt Securities
800

 

 
800

 

     Total Securities Available-for-Sale
378,186

 

 
378,186

 

Equity Securities
1,689

 

 
1,689

 

     Total Securities Measured on a Recurring Basis
379,875

 

 
379,875

 

Derivatives, included in other assets
5,191

 

 
5,191

 

     Total Measured on a Recurring Basis
$
385,066

 
$

 
$
385,066

 
$

Liabilities:
 
 
 
 
 
 
 
Derivatives, included in other liabilities
5,191

 

 
5,191

 

     Total Measured on a Recurring Basis
$
5,191

 
$

 
$
5,191

 
$

December 31, 2019
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
Securities Available-for Sale:
 
 
 
 
 
 
 
   U.S. Government & Agency Obligations
$
5,054

 
$

 
$
5,054

 
$

   State and Municipal Obligations
764

 

 
764

 

   Mortgage-Backed Securities
350,716

 

 
350,716

 

   Corporate and Other Debt Securities
800

 

 
800

 

     Total Securities Available-for-Sale
357,334

 
 
 
357,334

 
 
Equity Securities
2,063

 

 
2,063

 

     Total Securities Measured on a Recurring Basis
359,397

 

 
359,397

 

Fair Value of Assets and Liabilities Measured on a Recurring and Nonrecurring Basis
 
 
 
Fair Value Measurements at Reporting Date Using:
 
Fair Value
 
Quoted Prices
In Active Markets for Identical Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Derivatives, included in other liabilities
69

 

 
69

 

Total Measured on a Recurring Basis
$
359,466

 
$

 
$
359,466

 
$

Liabilities:
 
 
 
 
 
 
 
Derivatives, included in other liabilities
$
69

 
$

 
$
69

 
$

Total Measured on a Recurring Basis
$
69

 
$

 
$
69

 
$

March 31, 2019
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
Securities Available-for Sale:
 
 
 
 
 
 
 
   U.S. Government & Agency Obligations
$
35,383

 
$

 
$
35,383

 
$

   State and Municipal Obligations
1,116

 

 
1,116

 

   Mortgage-Backed Securities
261,513

 

 
261,513

 

   Corporate and Other Debt Securities
800

 

 
800

 

     Total Securities Available-for-Sale
298,812

 
 
 
298,812

 
 
Equity Securities
1,850

 

 
1,850

 

     Total Securities Measured on a Recurring Basis
$
300,662

 
$

 
$
300,662

 
$

 
 
 
 
 
 
 
 


 
Fair Value
 
Quoted Prices
In Active Markets for Identical Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Gains (Losses) Recognized in Earnings
Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis:
 
 
 
 
 
 
 
 
 
March 31, 2020
 
 
 
 
 
 
 
 
 
Collateral Dependent Impaired Loans
$
582

 
$

 
$

 
$
582

 

Other Real Estate Owned and Repossessed Assets, Net
942

 

 

 
942

 

December 31, 2019
 
 
 
 
 
 
 
 
 
Collateral Dependent Impaired Loans
$
285

 
$

 
$

 
$
285

 

Other Real Estate Owned and Repossessed Assets, Net
1,261

 

 

 
1,261

 
(186
)
March 31, 2019
 
 
 
 
 
 
 
 
 
Collateral Dependent Impaired Loans
$
684

 
$

 
$

 
$
684

 

Other Real Estate Owned and Repossessed Assets, Net
1,445

 

 

 
1,445

 
(101
)
Fair Value, by Balance Sheet Grouping
The following table presents a summary of the carrying amount, the fair value or an amount approximating fair value and the fair value hierarchy of Arrow’s financial instruments:
Schedule of Fair Values by Balance Sheet Grouping
 
 
 
 
 
Fair Value Hierarchy
 
Carrying Value
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
March 31, 2020
 
 
 
 
 
 
 
 
 
Cash and Cash Equivalents
$
138,529

 
$
138,529

 
$
138,529

 
$

 
$

Securities Available-for-Sale
378,186

 
378,186

 

 
378,186

 

Securities Held-to-Maturity
238,520

 
242,804

 

 
242,804

 

Equity Securities
1,689

 
1,689

 

 
1,689

 

Federal Home Loan Bank and Federal
  Reserve Bank Stock
5,379

 
5,379

 

 
5,379

 

Net Loans
2,390,556

 
2,368,033

 

 

 
2,368,033

Accrued Interest Receivable
7,856

 
7,856

 

 
7,856

 

Derivatives, included in other assets
5,191

 
5,191

 
 
 
5,191

 
 
Deposits
2,811,005

 
2,811,668

 

 
2,811,668

 

Federal Funds Purchased and Securities
  Sold Under Agreements to Repurchase
57,909

 
57,909

 

 
57,909

 

Federal Home Loan Bank Term Advances
50,000

 
51,194

 

 
51,194

 

Junior Subordinated Obligations Issued
  to Unconsolidated Subsidiary Trusts
20,000

 
20,000

 

 
20,000

 

Accrued Interest Payable
1,392

 
1,392

 

 
1,392

 

Derivatives, included in other liabilities
5,191

 
5,191

 

 
5,191

 

Schedule of Fair Values by Balance Sheet Grouping
 
 
 
 
 
Fair Value Hierarchy
 
Carrying Value
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
 
 
 
 
 
 
 
 
 
 
December 31, 2019
 
 
 
 
 
 
 
 
 
Cash and Cash Equivalents
$
70,221

 
$
70,221

 
$
70,221

 
$

 
$

Securities Available-for-Sale
357,334

 
357,334

 

 
357,334

 

Securities Held-to-Maturity
245,065

 
249,618

 

 
249,618

 

Equity Securities
2,063

 
2,063

 

 
2,063

 
 
Federal Home Loan Bank and Federal
  Reserve Bank Stock
10,317

 
10,317

 

 
10,317

 

Net Loans
2,364,933

 
2,332,797

 

 

 
2,332,797

Accrued Interest Receivable
7,377

 
7,377

 

 
7,377

 

Derivatives, included in other assets
69

 
69

 

 
69

 

Deposits
2,616,054

 
2,614,170

 

 
2,614,170

 

Federal Funds Purchased and Securities
  Sold Under Agreements to Repurchase
51,099

 
51,099

 

 
51,099

 

Federal Home Loan Bank Overnight Advances
130,000

 
130,000

 

 
130,000

 

Federal Home Loan Bank Term Advances
30,000

 
29,993

 

 
29,993

 

Junior Subordinated Obligations Issued
  to Unconsolidated Subsidiary Trusts
20,000

 
20,000

 

 
20,000

 

Accrued Interest Payable
1,436

 
1,436

 

 
1,436

 

Derivatives, included in other liabilities
69

 
69

 

 
69

 

 
 
 
 
 
 
 
 
 
 
March 31, 2019
 
 
 
 
 
 
 
 
 
Cash and Cash Equivalents
$
61,229

 
$
61,229

 
$
61,229

 
$

 
$

Securities Available-for-Sale
298,812

 
298,812

 

 
298,812

 

Securities Held-to-Maturity
279,400

 
280,414

 

 
280,414

 

Equity Securities
1,850

 
1,850

 

 
1,850

 
 
Federal Home Loan Bank and Federal
  Reserve Bank Stock
7,878

 
7,878

 

 
7,878

 

Net Loans
2,214,835

 
2,164,298

 

 

 
2,164,298

Accrued Interest Receivable
8,180

 
8,180

 

 
8,180

 

Deposits
2,490,097

 
2,484,479

 

 
2,484,479

 

Federal Funds Purchased and Securities
  Sold Under Agreements to Repurchase
58,407

 
58,407

 

 
58,407

 

Federal Home Loan Bank Overnight Advances
74,500

 
74,500

 

 
74,500

 

Federal Home Loan Bank Term Advances
35,000

 
34,805

 

 
34,805

 

Junior Subordinated Obligations Issued
  to Unconsolidated Subsidiary Trusts
20,000

 
20,000

 

 
20,000

 

Accrued Interest Payable
737

 
737

 

 
737